Joe, and other self employed folks (1 Viewer)

[tommyboy]

Assuming your business model is currently destroyed by the cov19 virus, questions:

Have you applied for unemployment?

Have you filed a sba forgivable loan under the payroll protection program?

Beyond the short term, have you considered the long term outlook of your biz model once things get better again?

Question arises because I am contemplating all 3 of these things with my own business. 

 

[comfortably numb]

Good relevant info in the small business thread if you haven't seen it

https://forums.footballguys.com/forum/topic/784469-small-business-support-group/

 

[Nipsey]

Yes.

Yes.

Not yet.

 

[Mr Anonymous]

PPP for me, and my entire focus right now is using the extra time to line up business for when we gradually open things back up. Planning and plotting my adjustments to provide the newly needed services in this new world.

 

[glvsav37]

Assuming your business model is currently destroyed by the cov19 virus, questions:

Have you applied for unemployment?

Have you filed a sba forgivable loan under the payroll protection program?

Beyond the short term, have you considered the long term outlook of your biz model once things get better again?

Question arises because I am contemplating all 3 of these things with my own business. 

I am a graphic designer who works for myself. My business is not destroyed, but IDK what the uncertainty of this virus and long term effects will be. My current plate is full, but new business is down. I'm optimistic, but I cant sit on my hands either. 

I cant apply for unemployment b/c I am the only employee. I don't think I can lay myself off. 

I have applied for the SBA loan (on 3/30), however i'm losing faith in that simply because there is zero communication from them in regards to status or any way to check on things.

I am trying to apply for the PPP but as of right now, still, my bank Capital one is not ready to accept applications which is infuriating me. 

Overall, my philosophy is to apply for what I can and hold it until I need it. As an advisor said to me, "you may be fine today, but there is no way to tell the long tern effects of this, and if you don't take what you can now, you don't know if will be there when you really need it."

I am having a hard time trusting that the funds will ultimately be available for us now. While I do have some financial runway, in a few months I know there will be even less help. 

 

[jwb]

I am a graphic designer who works for myself. My business is not destroyed, but IDK what the uncertainty of this virus and long term effects will be. My current plate is full, but new business is down. I'm optimistic, but I cant sit on my hands either. 

I cant apply for unemployment b/c I am the only employee. I don't think I can lay myself off. 

I have applied for the SBA loan (on 3/30), however i'm losing faith in that simply because there is zero communication from them in regards to status or any way to check on things.

I am trying to apply for the PPP but as of right now, still, my bank Capital one is not ready to accept applications which is infuriating me. 

Overall, my philosophy is to apply for what I can and hold it until I need it. As an advisor said to me, "you may be fine today, but there is no way to tell the long tern effects of this, and if you don't take what you can now, you don't know if will be there when you really need it."

I am having a hard time trusting that the funds will ultimately be available for us now. While I do have some financial runway, in a few months I know there will be even less help. 

I'm a copywriter, and this is me exactly. I'm still doing ok, but one of my four steady/monthly clients is shut down for now, and new work is more sporadic. I've applied (well, my wife did it for me) for the forgivable payroll loan, as I'm setup as a one-employee corp with actual payroll, so that should offset the loss of the steady client for a bit. 

 

[Maurile Tremblay]

I cant apply for unemployment b/c I am the only employee. I don't think I can lay myself off. 

This is true under normal circumstances, but I think the relief act that passed a couple weeks ago makes self-employed people eligible for unemployment benefits. I don't know the details regarding the criteria for eligibility.

 

[Da Guru]

This is true under normal circumstances, but I think the relief act that passed a couple weeks ago makes self-employed people eligible for unemployment benefits. I don't know the details regarding the criteria for eligibility.

Right now in Metro-Detroit every store and many food service places are hiring, as well as delivery services.  Some are paying 15-18 dollars an hour and they can`t fill the positions because they can get 350.00 from Michigan and 600.00 from Federal for a 950.00 take home a week. Equivalent to around a 30.00 dollar an hour wage.

 

[BassNBrew]

Right now in Metro-Detroit every store and many food service places are hiring, as well as delivery services.  Some are paying 15-18 dollars an hour and they can`t fill the positions because they can get 350.00 from Michigan and 600.00 from Federal for a 950.00 take home a week. Equivalent to around a 30.00 dollar an hour wage.

Yup. It would take 50.00 an hour to beat sitting at home and avoiding the virus

 

[glvsav37]

This is true under normal circumstances, but I think the relief act that passed a couple weeks ago makes self-employed people eligible for unemployment benefits. I don't know the details regarding the criteria for eligibility.

Thanks.  I’m actually set up as an S-Corp with me as the single employee.  I use to be a sole proprietor and I think that would be the “self employed” provision.  But honestly, there is so much conflicting info out there it’s hard to navigate. 

 

[PIK95]

I am a real estate agent.

I have made zero this year after a HUGE 2019.

I have not applied for anything yet.

Don't care about my business at the moment. 

Doing stuff around the house and we are on total lock down.

I am doing what I need to to make mortgage payments.

 

[Mrs. Rannous]

This is true under normal circumstances, but I think the relief act that passed a couple weeks ago makes self-employed people eligible for unemployment benefits. I don't know the details regarding the criteria for eligibility.

This article has some good info.